Vietnam advised to fully tap CPTPP to boost exports to Canada

Attending a seminar in Ho Chi Minh City on March 28, Quynh stressed two-way trade has increased to USD 10 billion from only USD 2.5 billion in 2013.

Vietnam shipped more than USD 9 billion worth of products to Canada but only 18% of which used certificates of origin (C/O) under the CPTPP to enjoy preferential tariffs while more than 90% used C/O most-favored nation (MFN) tariff and general preferential tariff (GPT) which will be invalid in December 2024.

Hoa Phat steel products meet Canada's quality standards.

Around USD 4 billion worth Vietnamese exports to Canada did not capitalize on the CPTPP, which means Vietnamese goods are more expansive than their rivals in the market, Quynh said, stressing enterprises should pay attention to taking advantage of the trade agreement and working to meet the requirements on the rule of origin to improve the competitive edge for the Vietnamese products, thus increasing export revenue in the Northern American market.

Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng said since the CPTPP took effect, trade turnover between Vietnam and Canada surged by 170%, making the bilateral trade cooperation a “bright star” in the CPTPP bloc.

According to Mary Ng, Vietnam is Canada’s largest trading partner in the Association of Southeast Asian Nations (ASEAN) and Canada wants to expand this successful cooperation model in the region. Vietnam is an important gateway for Canada to develop its relations with other ASEAN member states and the whole Asia.

Deputy Director of the Ho Chi Minh City Customs Department Nguyen Huu Nghiep said the department has worked to facilitate trade for the business community, expressing his hope that the department and the Canada Border Services Agency will meet and discuss measures to remove bottlenecks and create confidence among import-export enterprises amidst radical changes in international trade.

Source: VNA